Author: Ivan Krastev
Publisher: University of Pennsylvania Press
ISBN: 081225242X
Category : Political Science
Languages : en
Pages : 144
Book Description
A impassioned defense of the European Union and a concise analysis of its present challenges and future In this provocative book, renowned public intellectual Ivan Krastev reflects on the future of the European Union—and its potential lack of a future. With far-right nationalist parties on the rise across the continent and the United Kingdom planning for Brexit, the European Union is in disarray and plagued by doubts as never before. Krastev includes chapters devoted to Europe's major problems (especially the political destabilization sparked by the more than 1.3 million migrants from the Middle East, North Africa, and South Asia), the spread of right-wing populism (taking into account the election of Donald Trump in the United States), and the thorny issues facing member states on the eastern flank of the EU (including the threat posed by Vladimir Putin's Russia). In a new afterword written in the wake of the 2019 EU parliamentary elections, Krastev concludes that although the union is as fragile as ever, its chances of enduring are much better than they were just a few years ago.
After Europe
Author: Ivan Krastev
Publisher: University of Pennsylvania Press
ISBN: 081225242X
Category : Political Science
Languages : en
Pages : 144
Book Description
A impassioned defense of the European Union and a concise analysis of its present challenges and future In this provocative book, renowned public intellectual Ivan Krastev reflects on the future of the European Union—and its potential lack of a future. With far-right nationalist parties on the rise across the continent and the United Kingdom planning for Brexit, the European Union is in disarray and plagued by doubts as never before. Krastev includes chapters devoted to Europe's major problems (especially the political destabilization sparked by the more than 1.3 million migrants from the Middle East, North Africa, and South Asia), the spread of right-wing populism (taking into account the election of Donald Trump in the United States), and the thorny issues facing member states on the eastern flank of the EU (including the threat posed by Vladimir Putin's Russia). In a new afterword written in the wake of the 2019 EU parliamentary elections, Krastev concludes that although the union is as fragile as ever, its chances of enduring are much better than they were just a few years ago.
Publisher: University of Pennsylvania Press
ISBN: 081225242X
Category : Political Science
Languages : en
Pages : 144
Book Description
A impassioned defense of the European Union and a concise analysis of its present challenges and future In this provocative book, renowned public intellectual Ivan Krastev reflects on the future of the European Union—and its potential lack of a future. With far-right nationalist parties on the rise across the continent and the United Kingdom planning for Brexit, the European Union is in disarray and plagued by doubts as never before. Krastev includes chapters devoted to Europe's major problems (especially the political destabilization sparked by the more than 1.3 million migrants from the Middle East, North Africa, and South Asia), the spread of right-wing populism (taking into account the election of Donald Trump in the United States), and the thorny issues facing member states on the eastern flank of the EU (including the threat posed by Vladimir Putin's Russia). In a new afterword written in the wake of the 2019 EU parliamentary elections, Krastev concludes that although the union is as fragile as ever, its chances of enduring are much better than they were just a few years ago.
The Euro Crisis and Its Aftermath
Author: Jean Pisani-Ferry
Publisher: Oxford University Press, USA
ISBN: 0199993335
Category : Business & Economics
Languages : en
Pages : 225
Book Description
The euro's life, while only slightly more than a decade long, has been riddled by a series of challenges and crises. The disparity between the prosperous Northern countries of Germany and France and the plummeting Southern countries, including Italy and Greece, has exacerbated problems withinthe political and economic union of the Eurozone. The North, especially Germany, has debated where to draw the line between doing whatever is necessary to save the common currency and what they have viewed as a charity bailout of countries who flouted the rules for a decade and suffered predictableconsequences. Meanwhile, Southern countries such as Italy, Spain, and Greece have grown increasingly bitter at the attitudes of their partners to the North. Amidst loud and frequent debates, solutions including routes for increased integration and punitive policies and reforms have been enacted anddiscarded to a limited degree of success. The struggles facing this monetary union continue to unfold even today.The Euro Crisis and Its Aftermath was written to inform readers about the history of this enduring European crisis and the alternative proposals for ending it. In four parts, Jean Pisani-Ferry explains the origins of the European currency, the build-up of imbalances and oversights that led to thecrisis, the choices European policymakers have both addressed and ignored since 2010, the evolution of the policy agenda, and possible options for the future. The book is as much of an informative and analytical history as it is a prescriptive solution for a more prosperous future world economy.Rather than putting forth and supporting a thesis, Pisani-Ferry helps readers understand the past and present of the euro crisis and form their own opinions about potential solutions. It has grown out of his book Le Reveil des Demons published in France in 2011. The content has been updatedextensively to cover the events of the past few years and augmented to better explain the Eurozone to a global audience. This book is not intended to reach only economists, as time has long passed since European monetary unification was a debate limited to academics. This book is also for the policymakers searching for solutions, citizens of Europe enduring the consequences, and the international community that has felt the effects of an unstable Eurozone.
Publisher: Oxford University Press, USA
ISBN: 0199993335
Category : Business & Economics
Languages : en
Pages : 225
Book Description
The euro's life, while only slightly more than a decade long, has been riddled by a series of challenges and crises. The disparity between the prosperous Northern countries of Germany and France and the plummeting Southern countries, including Italy and Greece, has exacerbated problems withinthe political and economic union of the Eurozone. The North, especially Germany, has debated where to draw the line between doing whatever is necessary to save the common currency and what they have viewed as a charity bailout of countries who flouted the rules for a decade and suffered predictableconsequences. Meanwhile, Southern countries such as Italy, Spain, and Greece have grown increasingly bitter at the attitudes of their partners to the North. Amidst loud and frequent debates, solutions including routes for increased integration and punitive policies and reforms have been enacted anddiscarded to a limited degree of success. The struggles facing this monetary union continue to unfold even today.The Euro Crisis and Its Aftermath was written to inform readers about the history of this enduring European crisis and the alternative proposals for ending it. In four parts, Jean Pisani-Ferry explains the origins of the European currency, the build-up of imbalances and oversights that led to thecrisis, the choices European policymakers have both addressed and ignored since 2010, the evolution of the policy agenda, and possible options for the future. The book is as much of an informative and analytical history as it is a prescriptive solution for a more prosperous future world economy.Rather than putting forth and supporting a thesis, Pisani-Ferry helps readers understand the past and present of the euro crisis and form their own opinions about potential solutions. It has grown out of his book Le Reveil des Demons published in France in 2011. The content has been updatedextensively to cover the events of the past few years and augmented to better explain the Eurozone to a global audience. This book is not intended to reach only economists, as time has long passed since European monetary unification was a debate limited to academics. This book is also for the policymakers searching for solutions, citizens of Europe enduring the consequences, and the international community that has felt the effects of an unstable Eurozone.
The Fall of the Euro: Reinventing the Eurozone and the Future of Global Investing
Author: Jens Nordvig
Publisher: McGraw Hill Professional
ISBN: 007183057X
Category : Business & Economics
Languages : en
Pages : 289
Book Description
From Jens Nordvig--named the #1 currency strategist in the 2013 Institutional Investor survey What does the crisis in the Eurozone mean for our markets—and how can you protect your portfolio against crises in Europe? Little has been written about the instability of the Euro, but it’s a very real threat to investors worldwide, as well as to the global economy. Swings in global asset markets have been increasingly driven by developments in Europe. This is something new: in the past, Europe was one of the most stable parts of the global economy, and its typically minor economic fluctuations would have little bearing on US equity markets. Now, Europe's economic and political developments will be a persistent source of shocks for global financial markets. As an investor, you need a roadmap. This book is that roadmap. The Fall of the Euro describes the Eurozone’s unstable equilibrium and explains why a breakup of the Eurozone is still a possibility. Nomura's global head of currency strategy and one of the world's top experts on the Euro, Jens Nordvig gives us a detailed and fascinating explanation of this precarious situation, providing the information, insight, and authoritative analysis you need to make the wisest investment decisions possible. A riveting analysis of one of the most important currencies in the world--certainly the most unstable of the major currencies--The Fall of the Euro covers: The history of the Euro--and how it differs from other global currencies The problematic origins of the Euro--which is grounded more in politics than economics How politics will affect the next crisis in the Eurozone--and what we can do about it What-if scenarios of Eurozone breakup possibilities--with insights that will surprise you The original version of the Euro was not resilient enough to survive a major crisis. European policymakers are attempting to construct a new version of the currency, but its specific form remains highly uncertain. Will it be a hard currency? Will it be a soft currency? Or will it break up? If the path ahead involves a disorderly breakup of the Eurozone, the instability to come will be much more intense than what we have seen to date. Go beyond the rhetoric of the politicians and the journalists who write about them and get a financial expert's assessment of the real issues at hand. Jens Nordvig explains the state of the Euro's present position in the global economy with levels of objectivity and expertise you will find nowhere else. The Fall of the Euro gives you the critical information you need to prepare your investments before the next crisis in the Eurozone--which is, in Nordvig's view, inevitable. Praise for The Fall of the Euro "Nordvig brings a keen insight into markets and economics that he ably combines with a brisk, no-nonsense narrative. This is essential reading for market players, investors, and prognosticators of the future of the eurozone." -- Richard Clarida, C. Lowell Harriss Professor of Economics and International Affairs, Columbia University; Global Strategic Advisor, Pimco "Jens Nordvig's book artfully combines a master economist's framework, a seasoned market participant's advice, an historian's far-reaching perspective, and a European citizen’s passionate case for an open discussion of the way forward for the world's largest economic bloc." -- Scott Bessent, Chief Investment Officer, Soros Fund Management LLC "Jens Nordvig was one of the first to analyze the economic, legal, and political consequences of the euro splitting asunder. Whether or not you share his pessimism about the future of the euro project, Nordvig's guide to the crisis is a compelling and essential read." -- Gavyn Davies, Chairman of Fulcrum Asset Management LLP, former Goldman Sachs Chief Economist "In this bold, highly readable book, Jens Nordvig beautifully highlights the tensions between the politics and the economics that are at the heart of the euro crisis. A must read for anyone who cares about the future of Europe." -- Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, University of Chicago Booth School of Business "I learned much from The Fall of the Euro and I thoroughly recommend it." -- Simon Wolfson, CEO of Next plc and sponsor of the Wolfson Economics Prize "Needs to be read by all those demanding brave policy from Europe's timid elite." -- Tom Keene, Editor at Large, Bloomberg Television & Radio; Host of Bloomberg Surveillance
Publisher: McGraw Hill Professional
ISBN: 007183057X
Category : Business & Economics
Languages : en
Pages : 289
Book Description
From Jens Nordvig--named the #1 currency strategist in the 2013 Institutional Investor survey What does the crisis in the Eurozone mean for our markets—and how can you protect your portfolio against crises in Europe? Little has been written about the instability of the Euro, but it’s a very real threat to investors worldwide, as well as to the global economy. Swings in global asset markets have been increasingly driven by developments in Europe. This is something new: in the past, Europe was one of the most stable parts of the global economy, and its typically minor economic fluctuations would have little bearing on US equity markets. Now, Europe's economic and political developments will be a persistent source of shocks for global financial markets. As an investor, you need a roadmap. This book is that roadmap. The Fall of the Euro describes the Eurozone’s unstable equilibrium and explains why a breakup of the Eurozone is still a possibility. Nomura's global head of currency strategy and one of the world's top experts on the Euro, Jens Nordvig gives us a detailed and fascinating explanation of this precarious situation, providing the information, insight, and authoritative analysis you need to make the wisest investment decisions possible. A riveting analysis of one of the most important currencies in the world--certainly the most unstable of the major currencies--The Fall of the Euro covers: The history of the Euro--and how it differs from other global currencies The problematic origins of the Euro--which is grounded more in politics than economics How politics will affect the next crisis in the Eurozone--and what we can do about it What-if scenarios of Eurozone breakup possibilities--with insights that will surprise you The original version of the Euro was not resilient enough to survive a major crisis. European policymakers are attempting to construct a new version of the currency, but its specific form remains highly uncertain. Will it be a hard currency? Will it be a soft currency? Or will it break up? If the path ahead involves a disorderly breakup of the Eurozone, the instability to come will be much more intense than what we have seen to date. Go beyond the rhetoric of the politicians and the journalists who write about them and get a financial expert's assessment of the real issues at hand. Jens Nordvig explains the state of the Euro's present position in the global economy with levels of objectivity and expertise you will find nowhere else. The Fall of the Euro gives you the critical information you need to prepare your investments before the next crisis in the Eurozone--which is, in Nordvig's view, inevitable. Praise for The Fall of the Euro "Nordvig brings a keen insight into markets and economics that he ably combines with a brisk, no-nonsense narrative. This is essential reading for market players, investors, and prognosticators of the future of the eurozone." -- Richard Clarida, C. Lowell Harriss Professor of Economics and International Affairs, Columbia University; Global Strategic Advisor, Pimco "Jens Nordvig's book artfully combines a master economist's framework, a seasoned market participant's advice, an historian's far-reaching perspective, and a European citizen’s passionate case for an open discussion of the way forward for the world's largest economic bloc." -- Scott Bessent, Chief Investment Officer, Soros Fund Management LLC "Jens Nordvig was one of the first to analyze the economic, legal, and political consequences of the euro splitting asunder. Whether or not you share his pessimism about the future of the euro project, Nordvig's guide to the crisis is a compelling and essential read." -- Gavyn Davies, Chairman of Fulcrum Asset Management LLP, former Goldman Sachs Chief Economist "In this bold, highly readable book, Jens Nordvig beautifully highlights the tensions between the politics and the economics that are at the heart of the euro crisis. A must read for anyone who cares about the future of Europe." -- Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, University of Chicago Booth School of Business "I learned much from The Fall of the Euro and I thoroughly recommend it." -- Simon Wolfson, CEO of Next plc and sponsor of the Wolfson Economics Prize "Needs to be read by all those demanding brave policy from Europe's timid elite." -- Tom Keene, Editor at Large, Bloomberg Television & Radio; Host of Bloomberg Surveillance
The Brussels Effect
Author: Anu Bradford
Publisher: Oxford University Press
ISBN: 0190088605
Category : Law
Languages : en
Pages : 368
Book Description
For many observers, the European Union is mired in a deep crisis. Between sluggish growth; political turmoil following a decade of austerity politics; Brexit; and the rise of Asian influence, the EU is seen as a declining power on the world stage. Columbia Law professor Anu Bradford argues the opposite in her important new book The Brussels Effect: the EU remains an influential superpower that shapes the world in its image. By promulgating regulations that shape the international business environment, elevating standards worldwide, and leading to a notable Europeanization of many important aspects of global commerce, the EU has managed to shape policy in areas such as data privacy, consumer health and safety, environmental protection, antitrust, and online hate speech. And in contrast to how superpowers wield their global influence, the Brussels Effect - a phrase first coined by Bradford in 2012- absolves the EU from playing a direct role in imposing standards, as market forces alone are often sufficient as multinational companies voluntarily extend the EU rule to govern their global operations. The Brussels Effect shows how the EU has acquired such power, why multinational companies use EU standards as global standards, and why the EU's role as the world's regulator is likely to outlive its gradual economic decline, extending the EU's influence long into the future.
Publisher: Oxford University Press
ISBN: 0190088605
Category : Law
Languages : en
Pages : 368
Book Description
For many observers, the European Union is mired in a deep crisis. Between sluggish growth; political turmoil following a decade of austerity politics; Brexit; and the rise of Asian influence, the EU is seen as a declining power on the world stage. Columbia Law professor Anu Bradford argues the opposite in her important new book The Brussels Effect: the EU remains an influential superpower that shapes the world in its image. By promulgating regulations that shape the international business environment, elevating standards worldwide, and leading to a notable Europeanization of many important aspects of global commerce, the EU has managed to shape policy in areas such as data privacy, consumer health and safety, environmental protection, antitrust, and online hate speech. And in contrast to how superpowers wield their global influence, the Brussels Effect - a phrase first coined by Bradford in 2012- absolves the EU from playing a direct role in imposing standards, as market forces alone are often sufficient as multinational companies voluntarily extend the EU rule to govern their global operations. The Brussels Effect shows how the EU has acquired such power, why multinational companies use EU standards as global standards, and why the EU's role as the world's regulator is likely to outlive its gradual economic decline, extending the EU's influence long into the future.
Which European Union?
Author: Sergio Fabbrini
Publisher: Cambridge University Press
ISBN: 1107103940
Category : Political Science
Languages : en
Pages : 375
Book Description
This book asks how the European Union can tackle the constitutional conundrum caused by the Euro crisis.
Publisher: Cambridge University Press
ISBN: 1107103940
Category : Political Science
Languages : en
Pages : 375
Book Description
This book asks how the European Union can tackle the constitutional conundrum caused by the Euro crisis.
The Euro as a Stabilizer in the International Economic System
Author: Robert A. Mundell
Publisher: Springer Science & Business Media
ISBN: 1461544572
Category : Business & Economics
Languages : en
Pages : 460
Book Description
The introduction of the euro was an important event for the world economy and the international political system. For the first time in history, a substantial group of European countries-eleven of the fifteen members of the European Union including three members of the G-7-have voluntarily agreed to replace their national currencies with a single currency. The euro area has already become established as the second largest currency area in the world and will therefore become a major player in the international monetary system. The creation of the euro poses a number of interesting questions. Will the euro be a strong or a weak currency? Will the euro challenge the leading position hitherto held by the United States dollar and would sharing of the burdens and advantages of reserve currency status improve or worsen the stability of the international monetary system? How will the euro affect US relations with Europe? Does the formation of the euro intensify European integration in other fields? Is a bi-polar international monetary system viable? These and other issues motivated the Luxembourg Institute for European and International Studies and the Pierre Werner Foundation to organize an international conference in Luxembourg on December 3-4, 1998, on the eve of the birth of the euro. At the outset we were aware that the issue of the euro went far beyond pure economics. Money, after all, is too important a subject to be left to economists.
Publisher: Springer Science & Business Media
ISBN: 1461544572
Category : Business & Economics
Languages : en
Pages : 460
Book Description
The introduction of the euro was an important event for the world economy and the international political system. For the first time in history, a substantial group of European countries-eleven of the fifteen members of the European Union including three members of the G-7-have voluntarily agreed to replace their national currencies with a single currency. The euro area has already become established as the second largest currency area in the world and will therefore become a major player in the international monetary system. The creation of the euro poses a number of interesting questions. Will the euro be a strong or a weak currency? Will the euro challenge the leading position hitherto held by the United States dollar and would sharing of the burdens and advantages of reserve currency status improve or worsen the stability of the international monetary system? How will the euro affect US relations with Europe? Does the formation of the euro intensify European integration in other fields? Is a bi-polar international monetary system viable? These and other issues motivated the Luxembourg Institute for European and International Studies and the Pierre Werner Foundation to organize an international conference in Luxembourg on December 3-4, 1998, on the eve of the birth of the euro. At the outset we were aware that the issue of the euro went far beyond pure economics. Money, after all, is too important a subject to be left to economists.
Eurotragedy
Author: Ashoka Mody
Publisher: Oxford University Press
ISBN: 0199351384
Category : Business & Economics
Languages : en
Pages : 673
Book Description
EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.
Publisher: Oxford University Press
ISBN: 0199351384
Category : Business & Economics
Languages : en
Pages : 673
Book Description
EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.
Postwar
Author: Tony Judt
Publisher: Penguin
ISBN: 9780143037750
Category : History
Languages : en
Pages : 1000
Book Description
Finalist for the Pulitzer Prize • Winner of the Council on Foreign Relations Arthur Ross Book Award • One of the New York Times' Ten Best Books of the Year “Impressive . . . Mr. Judt writes with enormous authority.” —The Wall Street Journal “Magisterial . . . It is, without a doubt, the most comprehensive, authoritative, and yes, readable postwar history.” —The Boston Globe Almost a decade in the making, this much-anticipated grand history of postwar Europe from one of the world's most esteemed historians and intellectuals is a singular achievement. Postwar is the first modern history that covers all of Europe, both east and west, drawing on research in six languages to sweep readers through thirty-four nations and sixty years of political and cultural change-all in one integrated, enthralling narrative. Both intellectually ambitious and compelling to read, thrilling in its scope and delightful in its small details, Postwar is a rare joy. Judt's book, Ill Fares the Land, republished in 2021 featuring a new preface by bestselling author of Between the World and Me and The Water Dancer, Ta-Nehisi Coates.
Publisher: Penguin
ISBN: 9780143037750
Category : History
Languages : en
Pages : 1000
Book Description
Finalist for the Pulitzer Prize • Winner of the Council on Foreign Relations Arthur Ross Book Award • One of the New York Times' Ten Best Books of the Year “Impressive . . . Mr. Judt writes with enormous authority.” —The Wall Street Journal “Magisterial . . . It is, without a doubt, the most comprehensive, authoritative, and yes, readable postwar history.” —The Boston Globe Almost a decade in the making, this much-anticipated grand history of postwar Europe from one of the world's most esteemed historians and intellectuals is a singular achievement. Postwar is the first modern history that covers all of Europe, both east and west, drawing on research in six languages to sweep readers through thirty-four nations and sixty years of political and cultural change-all in one integrated, enthralling narrative. Both intellectually ambitious and compelling to read, thrilling in its scope and delightful in its small details, Postwar is a rare joy. Judt's book, Ill Fares the Land, republished in 2021 featuring a new preface by bestselling author of Between the World and Me and The Water Dancer, Ta-Nehisi Coates.
Euro-Mediterranean Relations after the Arab Spring
Author: Jakob Horst
Publisher: Routledge
ISBN: 1317139925
Category : Political Science
Languages : en
Pages : 234
Book Description
The ’Arab Spring’ triggered paradigmatic shifts but, despite these changes, much in the Euro-Mediterranean region remains the same. Utilising ’Logics of Action’, an innovative theoretical framework designed to capture the complexity of political interaction in one of the fastest changing regions in the world, this book discusses developments in the region before and after the Arab Spring that can be characterised by a continuation of the norm. Expert contributors identify patterns of interaction between governmental institutions, economic entrepreneurs, religious groups and other diverse actors that withstood these historical changes and explore why these relationships have proved so robust. Connecting a unique sample of case studies on changing and persistent ’Logics of Action’ within the Euro-Mediterranean space this book provides a pivotal contribution to our understanding of political interaction between North Africa, the Middle East and the European Union. Offering a completely new perspective on the events of the ’Arab Spring’ it identifies something that seems paradoxical at first sight; persistence in times of radical change.
Publisher: Routledge
ISBN: 1317139925
Category : Political Science
Languages : en
Pages : 234
Book Description
The ’Arab Spring’ triggered paradigmatic shifts but, despite these changes, much in the Euro-Mediterranean region remains the same. Utilising ’Logics of Action’, an innovative theoretical framework designed to capture the complexity of political interaction in one of the fastest changing regions in the world, this book discusses developments in the region before and after the Arab Spring that can be characterised by a continuation of the norm. Expert contributors identify patterns of interaction between governmental institutions, economic entrepreneurs, religious groups and other diverse actors that withstood these historical changes and explore why these relationships have proved so robust. Connecting a unique sample of case studies on changing and persistent ’Logics of Action’ within the Euro-Mediterranean space this book provides a pivotal contribution to our understanding of political interaction between North Africa, the Middle East and the European Union. Offering a completely new perspective on the events of the ’Arab Spring’ it identifies something that seems paradoxical at first sight; persistence in times of radical change.
Safeguarding the Euro in Times of Crisis
Author:
Publisher:
ISBN: 9789295085336
Category :
Languages : en
Pages : 419
Book Description
This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.
Publisher:
ISBN: 9789295085336
Category :
Languages : en
Pages : 419
Book Description
This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.